Section 76. Establishment of Reserve Funds.

The Board may from time to time, set apart such sums out of its surplus income as it thinks fit as a reserve fund or funds for the purpose of expanding existing facilities or creating new facilities at the ports or for the purpose of providing against any temporary decrease of revenue or increase of expenditure arising from transient causes or for purposes of replacement or for meeting expenditure arising from loss or damage from fire cyclones shipwrecks or other accident or for any other emergency arising in the ordinary conduct of its works under this Act: Provided that the sums set apart annually in respect of and the aggregate at any time of any such reserve fund or funds shall not exceed such amount as may from time to time, be fixed in that behalf by the State Government.